Jupiter Asset Management Ltd. Boosts Stock Position in STAAR Surgical Company (NASDAQ:STAA)

Key Points

• Jupiter Asset Management Ltd. has increased its holdings in STAAR Surgical Company by 50.1%, now owning approximately 1.14% of the company, valued at around $9.98 million.
• STAAR Surgical recently initiated a stock repurchase program, authorizing up to $30 million to buy back shares, indicating the board's belief that the stock is undervalued.
• Recent analysis from various firms has resulted in a consensus rating of "Hold" for STAAR Surgical, with a target price averaging around $18.00.

Jupiter Asset Management Ltd. increased its stake in shares of STAAR Surgical Company (NASDAQ:STAA - Free Report) by 50.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 566,079 shares of the medical instruments supplier's stock after purchasing an additional 188,830 shares during the quarter. Jupiter Asset Management Ltd. owned approximately 1.14% of STAAR Surgical worth $9,980,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Linden Thomas Advisory Services LLC increased its holdings in shares of STAAR Surgical by 3.0% in the first quarter. Linden Thomas Advisory Services LLC now owns 20,978 shares of the medical instruments supplier's stock valued at $370,000 after purchasing an additional 603 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in STAAR Surgical by 3.9% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,123 shares of the medical instruments supplier's stock valued at $683,000 after purchasing an additional 1,044 shares during the period. MetLife Investment Management LLC grew its holdings in STAAR Surgical by 6.3% in the fourth quarter. MetLife Investment Management LLC now owns 30,396 shares of the medical instruments supplier's stock valued at $738,000 after purchasing an additional 1,796 shares during the period. US Bancorp DE grew its holdings in STAAR Surgical by 1,693.0% in the first quarter. US Bancorp DE now owns 2,044 shares of the medical instruments supplier's stock valued at $36,000 after purchasing an additional 1,930 shares during the period. Finally, Bridgefront Capital LLC grew its holdings in STAAR Surgical by 27.2% in the fourth quarter. Bridgefront Capital LLC now owns 10,792 shares of the medical instruments supplier's stock valued at $262,000 after purchasing an additional 2,306 shares during the period. 96.70% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on STAA. Piper Sandler raised STAAR Surgical to a "hold" rating in a report on Wednesday, June 18th. Needham & Company LLC restated a "hold" rating on shares of STAAR Surgical in a research report on Wednesday, May 21st. Sidoti restated a "neutral" rating and issued a $28.00 target price (up previously from $27.00) on shares of STAAR Surgical in a research report on Tuesday. Wells Fargo & Company began coverage on STAAR Surgical in a research report on Monday, April 21st. They issued an "equal weight" rating and a $17.00 target price on the stock. Finally, Stifel Nicolaus set a $28.00 target price on STAAR Surgical and gave the company a "hold" rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating and eleven have issued a hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $21.71.

STAAR Surgical Trading Up 0.1%

STAA stock traded up $0.02 during midday trading on Thursday, hitting $26.92. 1,308,250 shares of the company's stock were exchanged, compared to its average volume of 1,234,940. STAAR Surgical Company has a 1-year low of $13.50 and a 1-year high of $41.00. The business has a 50-day simple moving average of $17.87 and a two-hundred day simple moving average of $18.38. The stock has a market capitalization of $1.33 billion, a PE ratio of -18.69 and a beta of 0.61.

STAAR Surgical announced that its Board of Directors has authorized a stock buyback program on Friday, May 16th that authorizes the company to buyback $30.00 million in outstanding shares. This buyback authorization authorizes the medical instruments supplier to buy up to 3.2% of its stock through open market purchases. Stock buyback programs are often an indication that the company's board of directors believes its shares are undervalued.

STAAR Surgical Profile

STAAR Surgical Company, together with its subsidiaries, designs, develops, manufactures, markets, and sells implantable lenses for the eye, and companion delivery systems to deliver the lenses into the eye. The company provides implantable Collamer lens product family (ICLs) to treat visual disorders, such as myopia, hyperopia, astigmatism, and presbyopia.